Cointelegraph reported that Arthur Hayes called the Monad token model "high FDV, low circulation," essentially a structure dominated by VCs and early investors, with extremely high risk.
This type of issuance structure is often accompanied by a brief pump in the early stages due to hype and extremely low liquidity, but once the internal tokens are unlocked, the selling pressure will suddenly explode, becoming another "bear chain."[Foresight News]